Who Needs to File ITR in 2025? Know the Income Tax Exemption Limits:

Who Needs to File ITR in 2025? Know the Income Tax Exemption Limits Are you awaiting for income tax return (ITR) filing? At what income level is an individual required to file an ITR? What is the basic exemption limit in ITR filing for FY 2024-25? These are the basic questions that generally arise in most taxpayers' minds. Specially related to the basic tax exemption limit, as the exemption limit varies depending on the tax regime you would have opted for. According to recent reports, the Income Tax Department has extended the due date for ITR filing 2025. The date has now been shifted to September 15, 2025, from July 31, 2025.

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ITR Filing 2025: When is ITR Filed?

According to a related field expert, the income tax return is generally filed when you earn an income amount that is taxable. Meaning aggregate income exceeds the basic exemption limit. For instance, for the financial year 2024-25, the basic exemption limit for the new tax regime and the old tax regime is Rs. 3 lakh and Rs. 2.5 lakh, respectively. According to the income tax department, the basic tax exemption limit for senior and super senior citizens (those who have an age equal to or above 80 years) is Rs. 3 lakh and 5 lakh, respectively. However, under the new tax regime in the present financial year 2025-26 (for which you will file ITR next year), the basic tax exemption limit has increased to Rs. 4 lakh. Apart from taxable income, the government has made additions to the rules for filing tax returns. Now, if you make certain deposits or spend a major amount of your income during the year, you may also have to file a tax return, even if your income is not taxable.

• Depositing Rs. 1 crore or more in one or more current accounts, or
• Depositing Rs. 50 lakh or more in one or more savings bank accounts
• Expenses incurred exceeding 2 lakh on foreign travel for yourself or any other person, or
• Electricity bills paid exceeded 1 lakh in aggregate.

Moreover, if an individual does not hold a taxable income and also does not meet any of the above requirements, still he/she will still have to file an ITR if he/she hold a foreign asset like overseas bank accounts, immovable property, shares, securities, or other financial interests.

ITR Filing 2025: ITR Filing Benefits

There are several benefits of filing ITR:

• Carryforward of losses is permitted if you file your ITR by the deadline (house property loss is excluded).
• One can only refund his/her extra TDS on income through filing ITR.
• ITR is also considered a proof document for numerous purposes, such as taking loans, visa applications, and others. Hence, it is advised to file ITR even if it is not compulsorily required for any particular financial year.

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